Ryanair has posted a €306m (£222.6m) loss for the last three months of 2020.

In what the airline referred to as “the most challenging year in its history”, Ryanair saw passenger numbers plunge almost 80% to eight million.

The €306m loss is compared to the €88m profits the group saw for the same period a year earlier. Revenues at the group fell 82% from €1.91bn (£1.7bn) to €340m (£302m).

As the pandemic continues to impact travel, Ryanair has said it was on course for a record loss of €850m and €950m.

A spokesperson for the group said: “As soon as the Covid-19 virus recedes – and it will over the coming months as EU Govts accelerate vaccine rollouts – Ryanair and its partner airports will rapidly restore schedules, recover lost traffic, help the nations of Europe to reboot their tourism industry, and create jobs for young people across the cities and beaches of the EU.

“We take some comfort from the success of the UK vaccine programme which is on target to vaccinate almost 50 per cent of the UK population (30m) by the end of March. The EU now needs to step up the slow pace of its rollout programme to match the UK’s performance.”

In the full financial year to the end of March 2021, Ryanair has said that it expects to fly 30 million passengers. This is down from 152 million.

Michael O’Leary, chief executive of the group told BBC Breakfast: “There’s extraordinary pent-up demand. People are fed up. Everyone is looking forward to the summer. The vaccine is the way forward here. Lockdowns aren’t.”

Ryanair shares (LON: RYA) are trading +0.14% at 14,22 (0835GMT). In the year-to-date, shares have fallen from highs of 17,10.